Stifel reiterates Marvell stock Buy rating on Microsoft chip ramp
Stifel has maintained its Buy rating and set a price target of $370 on Marvell Technology Inc. (NASDAQ: MRVL) in light of Microsoft's unveiling of its next-generation Maia 300 XPUs. The stock is currently priced at $260.36, with a market capitalization of $229 billion, reflecting a remarkable 198% return over the past year. Stifel anticipates the Maia 300 to be the new Tier 1 XPU program that Marvell will ramp up in its fiscal year 2028, which management has identified as one of its largest revenue opportunities.
Microsoft has announced plans to scale its Azure Maia XPU family to multi-gigawatt deployments starting from calendar year 2027, with Maia being its primary inference system for products and services. Analysts view this Maia 300 announcement and Microsoft's plans for Maia to become the default inference compute infrastructure as positive for Marvell's Custom business, bolstering the firm's confidence in its Custom estimates through fiscal year 2031.
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